In 2021, COVID-19 has seriously affected Vietnam’s trading and service activities. The negative growth of some service industries accounted for a large proportion, reducing the overall growth rate of the service sector and the whole economy.
In that context, Vietnam's e-commerce still maintains a stable growth rate. With a growth rate of 20%, it can be seen that, during the past 7 years, Vietnam's e-commerce has constantly maintained a growth rate of 16-30%.
Specifically, in 2015, Vietnam's retail e-commerce only reached 5 billion USD, an increase of 23% compared to the previous year. However, by 2018, this figure had reached 8.06 billion USD (up 30% compared to 2017). In 2019, Vietnam's e-commerce officially surpassed the 10 billion USD mark, reaching 11.8 billion USD in 2020 and increasing to 13.7 billion USD in 2021.
It is estimated that the number of consumers shopping online in Vietnam for the first time will probably reach 60 million. The online shopping value of a user will continue to increase sharply, forecast to reach 260-285 USD/person this year. The proportion of B2C e-commerce revenue compared to the total retail sales of consumer goods and services nationwide will exceed 7% in 2021, reaching from 7.2% to 7.8%.
With 75% of people using the Internet, Vietnam has 74.8% of internet users participating in online shopping. Clothing, shoes, cosmetics; household appliances; technology and electronics; books, flowers, gifts, food, etc., are the goods and services that consumers choose to shop for online the most. Mobile phones continue to be the main means often used by consumers to order online (accounting for 91%).
Vietnam's e-commerce growth is forecasted to continue to burgeon in the coming years and will reach 39 billion USD by 2025, ranking second after Indonesia (104 billion USD), equal to Singapore. The total revenue of Vietnam's Internet economy by 2025 is forecast to reach 57 billion USD, second only to Indonesia. Vietnam also has the second highest percentage of consumers shopping online in the region, after Singapore.
According to Statista's statistics on the 10 e-commerce platforms with the highest average monthly visits in Southeast Asia in 2020, there are 5 Vietnamese businesses: Mobile World, Tiki, Bach Hoa Xanh, Sendo, and FPT Shop. The average monthly traffic of these 5 platforms is 81.6 million, ranking 2nd in Southeast Asia after Indonesia.
According to statistics from Kantar Worldpanel, Vietnam has 65% more online shopping in 2021 than in the previous year. The gap in e-commerce development between two big cities, Hanoi and Ho Chi Minh City, and other provinces is narrowing. Many commercial utility services have been present in most provinces of Vietnam.
According to the “Digital 2022 global overview report” by We are social & Hootsuite, the percentage of internet users who shop weekly in Vietnam ranks 11th among countries globally, at 58.2%. That percentage is on par with the global average demand, higher than the US, Australia, France, Japan, and Germany but lower than Thailand, Malaysia, Korea, China, Singapore, Philippines, India, Indonesia, and the UK.
Across Southeast Asia, Google, Temasek, and Bain & Company's "e-Conomy SEA 2021" report forecasts e-commerce revenue to grow from 120 billion USD in 2021 to 234 billion USD in 2025. It is anticipated that the average online shopping value of online consumers will continue to increase strongly, from 381 USD/person in 2021 to 671 USD/person in 2026. With a rate of 49%, online shopping consumers in Vietnam are only behind Singapore (53%), higher than Indonesia and Malaysia.
A noteworthy point is that 29.3% of Vietnam's population has not yet participated in e-commerce (compared to neighboring Thailand with 10.1%), showing that the room for Vietnamese e-commerce to develop is still large.
Compiled by VietnamCredit